Retirement Policy. A regular faculty member shall retire from continuous employment at the College on August 31st next following the employee's 65th birthday. A regular faculty member who retires as a result of the application of this article loses all seniority as defined in Article 1.
Retirement Policy. Section 30.1 Any actively employed teacher with the equivalent of at least ten (10) full years of teaching service in Avondale, who qualifies for retirement benefits under the Michigan Public School Employees Retirement Fund (MPSERS), and who does retire under the MPSERS plan will be eligible for the following severance benefits in accordance with the conditions stated in this Article: In consideration of the teacher’s resignation from their employment and the other agreements contained herein, the school district agrees to pay the teacher the following incentive benefits: For ten (10) or more years of Avondale teaching service, severance upon retirement will be six thousand five hundred dollars ($6500). If a member retires during the 1st year of eligibility under MPSERS he/she will also receive a bonus payout of ten thousand dollars ($10,000) payable to the employee or designated beneficiary. It is expressly understood that a teacher leaving prior to the end of the school year will have their incentive prorated (the incentive will be divided by teacher work days to equal a daily rate – the amount will be paid out based on number of days worked). In cases of extenuating circumstance, the Superintendent may waive any proration to this benefit. Application for retirement benefits will be submitted to the Superintendent or designee in writing or in an email no less than six (6) weeks prior to their effective retirement date.
Retirement Policy. The Trustees may, at any time and from time to time, establish a retirement policy and designate a retirement age for Trustees, whereby any Trustee shall be required to retire as a Trustee at the end of the calendar year in which such Trustee attains such age as determined by the Trustees; and any individual upon reaching such age may not be elected, re-elected or appointed to serve as a Trustee.
Retirement Policy. 1. Unit members may apply to participate in the retirement program.
2. To be considered, the unit members must have completed at least ten years of full- time employment with the District immediately preceding retirement; must be at least fifty-five years of age by the date of retirement (or at sixty-two years of age if initial date of IMRF employment was after January 1, 2011); and must submit a letter of application to the Superintendent no later than six months prior to the effective date of retirement.
3. The District will review the application and determine whether an employee meets the requirements of this section to participate.
4. Participants will be allowed to enroll in hospitalization insurance coverage and life insurance coverage for which they are eligible so long as the insurance company writing such coverage continues to approve participation by retirees. The retiree will be responsible for the full amount of the premium applicable to the particular coverage.
5. Unit members eligible for retirement through the District, may elect to receive an insurance incentive with a value equal to twenty percent (20%) of their annualized salary amount provided the employee does not continue in the District’s health insurance program (individual or family) after retirement. The amount of this benefit may be paid prior to retirement provided the employee submits for approval a request for retirement to the Superintendent, and, as much of the said incentive amount does not exceed an annual earnings increase of 6% over the prior year. Retirement incentives may be spread over the three (3) years prior to retirement in such a way that compounding effects will not exceed the 6% cap per year or the twenty percent incentive. The balance of the insurance incentive shall be paid as a post-retirement severance payment.
Retirement Policy. Except for those individuals who (a) are Trustees as of the date that the Commission declares the Trust’s initial Registration Statement on Form N-1A effective or (b) were members of the Board of Directors or Trustees of an investment company having an investment adviser or principal underwriter under common control with the Trust’s investment adviser or principal underwriter immediately prior to such investment company’s combination with the Trust by merger, acquisition of assets or similar transaction, and of which Trustees may continue to be nominated as Trustees and to serve as Trustees if elected or appointed in accordance with Section 3.1 (c) of this Article III, an individual who has reached the age of seventy-five (75) years may not be elected, re-elected, or appointed to serve as a Trustee.
Retirement Policy. Section 1: Employees who reach the age of 55 and are eligible to retire under Michigan Retirement Law will submit to the Board a written notice of intention to retire at least sixty (60) days prior to the date of planned retirement.
Section 2: Effective with the school year 1977-78 the employees shall have a noncontributory retirement plan which will be paid by the Monroe Public Schools District.
Section 3: If an employee retires after 10 years of service (and is eligible for Michigan Public School Employees Retirement System) the employee shall receive terminal pay in the amount of their daily rate multiplied by one-half of the accumulated sick leave.
Retirement Policy. A. Retirement of Teachers shall be in conformance with Federal and State laws. It is agreed that the Board's obligation for retirement contributions shall be defined by the Public School Employees Retirement System.
Retirement Policy. All members of the bargaining unit will be retired according to applicable State or Federal Law.
A. When a mechanic desires to terminate her/his employment, there must be at least ten (10) work days written notice given to the Board. Upon mutual agreement between the parties, all or part of this notice may be waived. In the event of reemployment, such employees shall be considered as new employees except as provided in Article VI.A.3.
B. Failure to comply with the above requirement shall mean forfeiture of any and all benefits.
C. Any mechanic who discontinues services with proper notice will have the right to earned vacation time according to Article V.B.2.a.-j.
Retirement Policy a. If an Employee of Alcester-Xxxxxx School District #61-1 retires before they reach the age of 65, they are allowed to continue their current health coverage at the same employee rate, until they become Medicare eligible. If they are receiving Employee +spouse coverage, the spouse is also allowed to stay on the coverage at the same employee rate until they become Medicare eligible. The District will not contribute any benefit toward the retiree, retiree+spouse, or family premium. The full premium is paid by the retiree or the retiree’s spouse.
